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Fundamental data is updated weekly, as of the prior weekend. Please download the Full Report and Dividend Report for any changes.
Latest Valuentum Commentary

Dec 21, 2015
Focus on ETE, Not ETP; Strive for Balance and Stick to the SEC Filings
Confusion regarding the structure of the Energy Transfer collection of companies, their degree of financial leverage, and what’s included in recent quarterly results is more prevalent than we thought. Given the large number of non-GAAP adjustments and unconsolidated debt related to joint ventures in assessing financial leverage, we continue to encourage investors to stick to the SEC filings at the fully-consolidated entity, Energy Transfer Equity, to assess risk of all subsidiaries in aggregate.
Dec 17, 2015
MLPs: Circular Flow of Unsubstantiated Support Evaporating
Teekay LNG Partners and Joy Global announced quarterly distribution and dividend cuts, respectively, and the Dividend Cushion ratio effectively forewarned investors in both instances.
Dec 14, 2015
FAQ: Help Me Understand Your Research on MLPs
It looks like your fair value estimates and your adjusted Dividend Cushion ratios aren't bad. What gives?
Dec 13, 2015
The Dividend Cushion Ratio Catches More Dividend Cuts
The Dividend Cushion ratio has once again warned investors of more dividend cuts in advance.
Dec 11, 2015
Dec 10, 2015
Alert: Energy Transfer Equity Is More than 7x Leveraged!
The adjustments to reported net debt to EBITDA are hurting the quality of information provided to investors. Management teams across the MLP space must come clean on their overleveraged business models. Bondholders deserve to know their actual, reported leverage.
Dec 10, 2015
Dec 9, 2015
Not So Happy Holidays at Kinder Morgan
Once the third-largest energy company in North America, Kinder Morgan has fallen from investor favor. The pipeline operator announced it will cut its dividend by 75%.
Dec 8, 2015
Dividends Not Safe as Energy Markets Swoon
We continue to monitor the carnage in the oil and gas markets, and we encourage readers to evaluate each firm’s unadjusted Dividend Cushion ratio to assess capital-market dependency. For most midstream entities and upstream entities that remain inescapably tied capital cycle builds, the risks are extreme.
Dec 7, 2015
Master Limited Partnership Model Still At Risk
The bust may still be ahead of us.


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